Exploring Trust in Bitcoin Technology: A Framework for HCI Research

Abstract

Bitcoin is a crypto-currency which differs in several ways from the traditional use of money. It does not require an individual name but digital wallet IDs, which makes it more private. Bitcoin technology currently lacks protection with respect to monetary transfers, and its structure is not endorsed by the governments. Yet, understanding the concept of trust is fundamental to Bitcoin technology and digital currency economy. This paper offers a review of relevant work on cryptocurrency and trust in HCI, and critically examines its value in understanding the issues of trust in Bitcoin technology. Several limitations of the current theories and models of trust are identified, and a research framework is proposed to explore the specific trust challenges raised by the Bitcoin technology.